Guideline (EU) 2018/1151 (amending Guideline ECB/2011/23) on the statistical reporting requirements of ECB in the field of external statistics (ECB/2018/19) was published in the Official Journal of the European Union. This guideline shall take effect on the day of its notification to the national central banks of the member states whose currency is the euro.
The amendments in this guideline enhance and improve the statistical reporting requirements of ECB in the field of external statistics. The Eurosystem central banks shall comply with this guideline from March 01, 2021, which will allow sufficient time to prepare for the necessary changes to national statistical compilation methods. The amendments stem from, and related to, the following factors:
- To respond to increasing analytical needs, for monetary policy and financial stability purposes, quarterly balance of payments and international investment positions statistics need to be further enhanced.
- Further integration between quarterly balance of payments and international investment position statistics and national (including sectoral) accounts statistics is required.
- As a first step toward better understanding of exchange rate risks and to shed further light on the development of the relative importance of key currencies, comprehensive information on the currency of denomination of international investment positions should be reported on a quarterly basis.
- For a thorough bilateral analysis of the transactions and international investment positions of the euro area vis-à-vis its main trading partners, improvements to the geographical detail are needed so that all G20 countries are individually identified. Moreover, data quality considerations—that is, bilateral asymmetries analysis—require the collection of quarterly data on bilateral transactions and positions between all member states.
- Consistency between balance of payments and international investment position statistics, along with national (including sectoral) accounts statistics, is also of paramount importance in the efforts to improve data quality. Data from the two statistical domains are frequently combined for analytical purposes and it is, therefore, important that sufficient detail by instrument type is available in the balance of payments and international investment positions statistics to allow for precise combination of the two data sets.
- The compilation and release of euro area aggregates for all the new data requirements should be accompanied by a comprehensive release of the respective national data sets to enable a meaningful cross-country analysis of this information.
Related Link: Guideline (EU) 2018/1151
Effective Date: Date of NCB Notification
Keywords: Europe, EU, Securities, Data, Statistics, Reporting, Financial Stability, Guideline (EU) 2018/1151, ECB
Previous ArticleBoE Publishes Joint Report on Approach to Cryptoassets and DLT
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.